Upcoming changes for taxpayers, bank customers, Aadhaar and passport holders
What's the story
Several key financial changes will come into effect from July 1, 2026. The changes will affect taxpayers, bank customers, credit card holders, passport seekers, and Aadhaar card holders. Let's take a look at the major financial changes coming into effect in July 2026. First up are the new deadlines for filing Income Tax Returns (ITR) forms ITR-1 and ITR-2.
Tax deadlines
New deadlines for ITR-1, ITR-2
Taxpayers filing ITR-1 and ITR-2 forms will have until July 31, 2026, to file their returns for the Financial Year 2025-26 (Assessment Year 2026-27). Failure to meet these deadlines could lead to penalties, restrictions on opting for certain tax regimes, and limitations on carrying forward eligible losses to future assessment years.
Aadhaar updates
Aadhaar email update will be free until December
Starting July 1, the Unique Identification Authority of India (UIDAI) will waive the ₹75 fee for updating your registered email address on your Aadhaar card. The service will be free for six months, till December 31. An official notification said, "It has been decided to waive off the charges (i.e. ₹75) for availing the service of email address update through the Aadhaar mobile application and make it free of cost."
Credit card updates
Changes in credit card benefits
SBI Card will revise its reward point program for select PhonePe SBI Credit Cards from July 1. The change will affect PhonePe SBI Credit Card PURPLE and PhonePe SBI Credit Card SELECT BLACK holders with new limits on earning reward points and wider list of transactions that won't earn reward points. Meanwhile, HDFC credit card holders will get three free domestic airport lounge visits per calendar quarter from July 1, if they spend at least ₹60,000 in the previous quarter.
Other changes
Other important changes coming into effect
The Ministry of External Affairs has hiked the service fee for normal and tatkal passports (India and abroad). The RBI has also issued new rules to prevent banks from mis-selling financial products. Under this framework, customers who are mis-sold products will be entitled to a full refund and compensation for losses. These rules will also come into effect on July 1.